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Northern Oil and Gas (NOG) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Northern Oil and Gas
NYSE•Energy•Oil & Gas E&P
$25.32-1.80(-0.07%)Pre-market
Market Cap
$2.65B
P/S
1.4x
P/B
1.3x

Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. Northern Oil and Gas, Inc. was founded in 2006 and is headquartered in Minnetonka, Minnesota.

D

How this company scores

WeakMetricSide Score: 24/100

Strongest: Balance Sheet & Red Flags (13/25); weakest: Growth (1/25).

Profitability3/25
Growth1/25
Balance Sheet & Red Flags13/25
Cash & Earnings Quality7/25
Strengths
Interest easily coveredImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 54.2x5y range 1.9x – 198.7x
P/E 54.2x · above its 16-quarter median

Currently above its 16-quarter median.

P/S · 1.4x5y range 0.8x – 3.3x
P/S 1.4x · near its 20-quarter median

Currently near its 20-quarter median.

P/B · 1.3x5y range 1.0x – 13.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 8985.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.6x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume
Market Cap $2.65B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$1.92B
26%
Q. Revenue
$745.24M
5%
TTM EBITDA
$331.46M
81%
TTM Op. Income
$-461.95M
148%
Q. Op. Income
$352.54M
100%
TTM Net Income
$-486.02M
180%
Q. Net Income
$236.63M
138%
EPS
$2.24
120%
Shares Out.
$105.87M
2Q
$1.92B in TTM revenue declined 25.6% YoY, reaching $745.24M last quarter. TTM EBITDA of $331.46M and TTM operating income of $-461.95M show growth is flowing through to the bottom line. However, net income is negative at $486.02M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 26% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
82.9%
0%
EBITDA Margin
73.2%
35%
Op. Margin
47.3%
90%
Net Margin
31.8%
125%
Op. margin of 47.3% is up 22.4% YoY — cost efficiency is improving. Net margin at 31.8% and gross margin of 82.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 90% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
2Q
P/S Ratio
1.4x
28%
P/B Ratio
1.3x
15%
P/S of 1.4x and P/B of 1.3x. P/S is low relative to typical market levels. Across the last 6 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$5.83B
2Q
Cash
$47.60M
2Q
Long-Term Debt
$2.72B
3Q
Book Value
$2.00B
17%
D/E Ratio
1.4
39%
Debt/EBITDA
5.0
2Q
With $5.83B in assets and $2.72B in long-term debt, D/E is 1.4and book value is $2.00B — moderate leverage. Over the past year, debt/equity is up 39% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$321.62M
11%
TTM Free Cash Flow
$-293.82M
2Q
FCF Margin
-15.3%
2Q
FCF / Net Income
0.6
258%
TTM FCF of $-293.82M on $321.62M in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.

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· below its 18-quarter median

Currently below its 18-quarter median.

Leverage Risk

Watch

Debt-to-equity has risen 39.3% recently — increasing financial risk even if the current ratio is manageable.

Revenue Decline

Red Flag

TTM revenue has contracted 11.2% — significant decline indicating deteriorating demand.

Cash Burn

Watch

FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.

Share Dilution

Red Flag

Shares outstanding increased 6.4% — significant dilution, likely from stock compensation or capital raises.